Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) and Dubal Holding plan to acquire a 50% stake each in the electricity generation assets of Emirates Global Aluminium (EGA).

This potential acquisition is in line with an initiative launched by TAQA, Dubal Holding, EGA, and Emirates Water and Electricity Company (EWEC) to further develop solar power generation capacity and decarbonise EGA’s aluminum production in the UAE, according to a press release on Wednesday.

The initiative is subject to further negotiation and regulatory approvals in Abu Dhabi and Dubai.

The power generated from the assets would be supplied to the grid under a long-term power purchase agreement, with its dispatch to be conducted through EWEC’s load centre.

Located in Jebel Ali and Al Taweelah, the 6,474-megawatt (MW) assets deploy cycle gas turbines technology, including an H-class engine in Jebel Ali.

Under the initiative, EGA would obtain grid power to meet its energy needs, including a rising share of clean energy procured by EWEC.

Hence, EGA will become the first aluminum company to achieve the net-zero target by 2050.

The CEO of EGA, Abdulnasser bin Kalban, commented: "Sourcing cost-effective clean power from the grid will enable EGA to lead our global industry into a more sustainable future. Today, we are taking another historic step towards achieving net zero greenhouse gas emissions by 2050."

Meanwhile, the Group CEO and Managing Director of TAQA, Jasim Husain Thabet, said: "At TAQA, we have set out our plans for sustainable growth, and the potential acquisition of EGA’s power assets supports our 2030 ambitions to add value for our stakeholders while further supporting the UAE’s sustainability efforts."